Jupiter Flips Uniswap By Trading Volume

In the last 24 hours, trading volumes on Jupiter, the most popular decentralized exchange on the Solana blockchain, have reached $520M, outpacing Ethereum-based volumes on both Uniswap v2 and v3 protocols by $38M. Combined, Uniswap's trading volume amounted to only $492M during the same period.

A significant portion of Jupiter's trading volume, over $50M, stemmed from traders engaging in transactions with Wen, a new memecoin available to Solana users who had interacted with Jupiter in the past six months, as well as owners of Saga phone.

Despite the excitement surrounding Wen and the forthcoming airdrop of Jupiter's native JUP token, the majority of trading on Jupiter in the past day involved swapping $SOL for $USDC and $USDT, accounting for $191M.

Pre-market $JUP tokens are currently trading at around $0.61, indicating that the anticipated total value of the 1B $JUP token airdrop could exceed $600M at current prices…

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